WS #7285

The dominant signal in this window is the Cerebras Systems (CBRS) IPO, with shares indicated to open at $325-$350 in its Nasdaq debut, nearly double the $185 IPO price, corroborated by multiple Reuters updates and social media posts. This marks the largest Nasdaq debut of 2026, signaling massive institutional demand for AI chip exposure. Separately, Nvidia (NVDA) received U.S. government approval to sell advanced AI chips to 10 Chinese tech firms, adding ~$233 billion to its market cap today, a bullish signal for NVDA and the AI sector. On the geopolitical front, Saudi Arabia urged an end to the Iran conflict to reopen the Strait of Hormuz, while Vitol offered Iraqi oil outside Hormuz, indicating ships are exiting. The NYT reported that Saudi Arabia and UAE carried out secret attacks in Iran, escalating regional tensions. However, Trump and Xi agreed the Strait of Hormuz must remain open, and Xi offered to help on Iran, providing a counter-signal to the oil supply crisis. US import/export prices surged in April by the most in four years on oil-market pressures. Bitcoin broke above $80,000 again, with the S&P 500 and Nasdaq hitting fresh records. Cisco (CSCO) stock rallied most since 2011 on post-earnings momentum. Ford (F) continued to rally on energy storage story. Marvell (MRVL) jumped 6% on a custom AI chip alliance with Google. The UK Health Secretary Wes Streeting resigned, potentially triggering a Labour leadership challenge. The dominant theme is ESCALATING geopolitical tensions in the Middle East, partially offset by US-China diplomatic efforts, while AI-related equities continue to rally strongly.